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Long-term financing makes up 45% of the total, or $181 million. The University’s ability to finance its capital program is facilitated by NYU’s strong financial position, as recognized by ratings on NYU’s general obligation unsecured debt from Moody’s and S&P of Aa3 and AA-, respectively.

Philanthropy, government grants, previously funded capital project accounts, and transfers from operating budgets make up the remaining 55%, or $222 million.

The capital budget is used for the following purposes:

66% of capital expenditures will be for improvements to, or new construction of, academic facilities.

15% of capital spending will purchase new, or improve existing, student housing and other facilities that house student services.

5% of the capital budget will be used to purchase new, and improve existing, faculty housing.

14% of the capital budget will be used for campus infrastructure, including various information technology infrastructure initiatives.

Spending for capital maintenance to keep all University buildings in good repair is included in each of the four categories above, and totals $66 million dollars.

*All parts of the University other than the NYU Langone Medical Center (i.e., the School of Medicine and the Hospitals)

Selection of Major Projects Funded in the Capital Budget

Faculty of Arts and Science

Upgrade and renovation of laboratories, offices, and administrative spaces at 726-730 Broadway to support growth and enhancement for Physics research and instruction. The project is expected to be completed and the space to be fully occupied by Spring 2016, with phased move in prior to this date.

To enable the Center for Neural Science (CNS) to renovate a floor in Meyer Hall for animal and molecular research labs prior to the completion of the Physics relocation to 726 Broadway, the University has temporarily relocated faculty and administration from the Psychology Department to existing leased space at 411 Lafayette Street. The vacated floors in Meyer are now being renovated as follows (1) 7th floor – new cellular and computational labs for CNS, as well as new offices and project rooms; (2) 4th floor – renovated offices and project and research rooms for the Social Psychology group; and (3) ground floor – expanded MRI suite to accommodate a new full body scanner. These “Phase 1” projects are expected to be completed and the space to be fully occupied by Summer 2015.

Center for Urban Science and Progress (CUSP)

Design and engineering work for the full renovation and fit-out of 370 Jay Street in Brooklyn is underway. Construction is scheduled to begin in February 2015, and will continue over the next few fiscal years, with anticipated occupancy by Fall 2017. The building is adjacent to the Polytechnic School of Engineering.

Coles Site Redevelopment

A new building will be developed at the site of the current Coles Sports and Recreation Center on Mercer Street between Bleecker and Houston streets in Manhattan. The new building will help sustain NYU’s academic momentum by providing additional space for various academic and supporting purposes. Based on the recommendations of the faculty-led University Space Priorities Working Group, the building will include:

At least 80 classrooms, ranging from small seminar rooms to large lecture halls

One large theater and four workshop theaters, as well as other specialized academic spaces for the performing arts

Residence halls to accommodate up to 500 freshman students, as well as dedicated spaces for study and student-life activities

Housing for roughly 100 NYU faculty families

A new athletic and recreation center, including a gym space designed to facilitate public assembly during emergency situations

The new building will also fulfill commitments made to the community during the Plan’s project approval process.

The current Coles building will remain open through the end of this academic year. In the meantime, steps are being taken in fiscal 2015 to plan for and develop a temporary solution to maintain high-quality fitness offerings and a robust athletics program. NYU is also taking steps to reduce the impact that the construction will have on nearby residents. A more complete picture of the building program will be available once an architect and construction manager have been hired and begin to mobilize.

Student Service Center

The program for 383 Lafayette Street includes the location of “Student Link”, a student service center for in-person registrar, bursar, financial aid, housing, and dining services on the ground floor; the Office of Global Programs and Services on the second and third floors providing students, faculty, and scholars with in-bound and out-bound advisement, services, and visa support along with academic advisement for study away; and the Office of Admissions, which supports applicants and prospective students to the University.

The existing building and adjoining lot to the east have been under long term-lease with a purchase option, which was executed in fiscal 2014. The renovation program will involve full renovation and expansion of the building on the vacant east lot. The project is expected to be completed and the space to be occupied by Spring 2016.

60 Fifth Avenue

Full renovation of 60 Fifth Avenue (formerly the Forbes Building) is expected to commence in February 2015. Upon completion, the 125,000 square foot building, which the University purchased in 2010, will become the new home of the Global Institute of Public Health, the Center for Data Science, and the Marron Institute of Urban Management. The basement and ground floor spaces will be converted to classrooms, while the upper floors will be dedicated to academic and administrative offices. The project is expected to be completed and the space to by occupied by Spring 2016.

Various Capital Maintenance Projects

These projects include repairs to building facades, roof replacements, installation of sprinklers, replacement and upgrades of HVAC systems, sidewalk replacements, etc.

Information Technology

Ongoing implementation of new University-wide administrative systems, continued expansion of the NYU wireless networks, and new technology investments to ensure the successful support of student and faculty mobility across NYU’s campuses worldwide.

Selection of Major Projects to be Completed in Fiscal 2015

Nursing, Dental and Bio-Engineering

With expected occupancy by Spring 2015, the new building at 433 1st Avenue (between East 25th and East 26th Streets) will become the home and center for academic excellence for the College of Nursing, the College of Dentistry, and the NYU Bio-Engineering Institute. It will include: classrooms; academic and administrative offices; a nursing simulation suite; a bio-materials research laboratory; biology, chemistry, and small materials fabrication laboratories; a shared learning commons; and conference rooms. The newly-constructed facility will promote synergies amongst its various users.

20 Cooper Square

With expected occupancy by mid-Fall 2014, the renovations being completed at 20 Cooper Square will enable the creation of a sponsored research center to provide a central location for projects funded by outside agencies. The renovation program consists of a full renovation of the entire second floor and the back half of the ground floor. The ground floor will be used for art and dance studios.